What is
IDV?

IDV stands for that maximum sum which is insured, the
amount of which is agreed upon by the insurance provider that will be then
reimbursed to the policyholder in cases of loss being either partial or
complete. These losses can be either in the cases of theft or accidents or etc.
thus the IDV is basically the current market value of your automobile that is
insured. The full form of IDV is Insured Dealer value and is a vital aspect
when it comes to the determination of the comprehensive car insurance cover premium.
Now the value of the IDV is determined on the basis of the present value of the
manufacturer’s and the depreciation that comes with the age of the vehicle.

Why is it
so that the lower IDV is not considered as the best option for the motor
insurance?

When the vehicles are old, the IDV id then calculated
after a mutual agreement that takes place between the insurer and the insured.
Here factors like car’s model and the availability of the spare parts play a
major role on determining the IDV. Thus in cases like these, instead of the
depreciation, the IDV can be determined by examining the vehicles’ condition.
And then either the dealer or the insurance surveyor does that.

Now depending upon the manufacturer’s listed selling price, the IDV of the car is being fixed. Here the selling price of the brand and the model is taken into consideration. And that value should be considered at which it was before the insurance scheme was purchased or the time of the policy renewal and then adjusted for the depreciation. Also those accessories which are fitted to the motor but are not included in the list selling price of the manufacturer can also be done in the similar manner.

The car insurance coverage and its feature keep changing
year after year. Now if you are ever asked by your insurer to pay to a certain
price when the time of renewal comes, first make sure to check the IDV of your
car and whether the charge of the premium is justified or not. You can opt to
negotiate for the prices if you are not satisfied with the figures. Now since
the premium is determined when you are renewing your OD motor policy, so the
value of the car is higher, you may have to pay more policy and if the value is
lower you may have to pay lowered premium. This because possible in the case of
online method when the auto insurance policy is renewed.

Now since insurances are long term plans that are meant to keep your things secure. Now since your automobile is an important liability, it is necessary that you keep the IDV value higher. This is because at the time of making claim you can expect to get an expected amount which may not be the situation in case if you opt for a lower value of the IDV. Because the deduction in your reimbursements mainly due to the IDV.

Conclusion

Thus since the IDV is the maximum amount that one can
claim so that their losses can be compensated, make sure that they are of
higher value.

The one situation of your life which you would want to avoid is a debt crisis. You might have an excessive need of having to take that loan, but paying it off needs to be done in a way that will not make you lose yourself. Many tend to have these debts and it will occur in a phase of life where you will be left high and dry. You would have spent it all and are now looking at the task of paying it back so that you get back to your usual schedule. While doing so, it is important to keep your calm and stay composed. Because if you do not keep it together, then you might end up in a much worse situation than you are currently in. Here’s how you can stay calm and also keep yourself motivated during the course of your repayment.

Seven tips to help you stay calm during debt crisis

Be realistic

Know your limits as to the spending and also the saving. You can never be able to pay off what you owe within a matter of days. If you are in such a position, it is well and good but not many of us will have such money stocked up or on its way into our accounts. Because if we did, what would be the need to take a loan and be in debt? So, be real and realize that it is not something that your life depends on. It is just some money which you need to pay off. And if it is a huge amount, it will take time. Know it and tell it to yourself repeatedly because sooner or later you will find it very irritating to keep it all up. You would be willing to give it all up and more.

Update your information

If you are stuck with debt related to a certain market and are looking to make money off another source or looking to get your returns back from a different market area, keep yourself updated and informed with regard to the highs and lows of it that are taking place. The more you update yourself, the more calm and composed you will be. All in all, having clarity as to what is happening with your money will bring you loads of relief and will be easier to maintain your composure. Keep yourself in the loop and do not be disappointed if it is not going so well. Remember, what goes down, must come up.

Re-asses

Have another look at your financial situation. Is there any other way you can get out of this road that you have taken? Look at your financials and belongings and that will give you more insight with regard to the solution that you are at disposal. However, do not put things and belongings at stake in order to be done with it. By putting you stuff at stake, you will be putting yourself in a difficult situation again. Look again and look closer this time as to how you can get rid of the debt money.

Change

Now that you have a debt to pay off, you have to bring in some change in the pattern of your expenses or even in the lifestyle you have been living. You can no longer live in the moment and need to think for more than just the today. You will need to consider the future and how much you will be needing and plan and make up for it. Saving needs to be on top of your agenda and will require a lot of effort from your side. Get ready for some sacrifices and tell yourself it is all going to be alright.

It is all temporary

The debt you have taken up and the repayment period is all just temporary. So, don’t look at the changed that have taken place in the due course of time and start to think about how it is never ending. Everything has an expiry date and so does this. It is all headed towards an end. All you need to do is keep your head up and survive through it. And before you know, you will be done with it and be back to your normal life within no time at all. It is not worth it to be so obsessed and get depressed with the fact that you have a debt to pay off.

Plan

If you have not come up with one yet, do it now. Without a plan everything is going to seem impossible to you and will not make any sense. Have a plan as to what you will do when and how much you intend to save and how much you intend to spend. Make it a weekly, monthly and a yearly plan if deemed necessary and stick to it. Do not make it seem difficult on yourself as you will lead that plan to successfully de-motivate you. Get down there and chalk up that plan.

Backup plan

Well, you need it more than you know. But make sure that you do not take it for granted. It is a backup plan and needs to remain as one. Don’t bring it into the situation where it becomes your frontline plan. Having a back up will ensure that you do not succumb to the crisis that you are in. You will be at ease and even more relaxed than you know by having a back up. It is something that assures you that it is all going to be ok and if it doesn’t, it’s there to save you from drowning.

Having a debt is a usual crisis in almost everyone’s life in today’s world. But this one crisis will teach you a lot about money and management. Take lessons from it and make sure you will never repeat those mistakes again and if there comes a point in your life that demands a lending process, avoid it as much as you can. If you cannot, plan it out and get rid of it with ease.

Some people believe that student loans are a piece of cake. Though student loans enable you to pay your college fees and let you have an uninterrupted higher education, they usually come with a price. What makes this process tougher are the widespread misconceptions about the procedure. Before applying for a loan, you must know what you are getting yourself into. In order to do that, you must distinguish between facts and myths. Listed below are four common student loan myths you must know about.

The loan will affect your credit score

The fact that you have taken a student loan will NOT affect your loans. Though it will be officially documented, the loaning agency cannot mention it in any report without your authorization. So do not worry about applying for a business loan or credit card in the future since your student loan history will not be mentioned – that is unless if it is very badly managed or is overdue.

You need to hire a professional for assistance

There is absolutely no need to seek help from a loan consolidation agency. Of course, they can help you with the paperwork and provide you with useful contacts, but there are other ways in which you can get these done for free. For instance, there are many tools in the internet such as the ‘Online Student Loan Data System’ that can help you to figure out the procedure on your own. If you wish to have a one-to-one consultation, you can talk to your college’s financial aid department or to your loan servicer. A consumer protection attorney who is familiar with student loan law is also a wise alternative.

There are no exemptions for student loan repayments

This is not true in some cases. If you are seeking a government or service oriented career path, you can be relieved from this financial burden. Students who enter military or legal work will be exempted from their student loans through the forgiveness program. This is a financial program that cancels the loan repayment entirely or at least some part of it. Applicants who are pursuing careers in teaching or medical fields are also eligible for this exemption program.

The loan terms cannot be changed

Despite what you may think, loaning agencies are not totally heartless. During an emergency, the agency will adjust their loan repayment policies according to your situation. It is also possible to change your contract terms if your credit value or employment has improved after your graduation. In such a situation, you will be given the liberty to reduce your monthly payment or request for a lower interest rate.

There are many more rumors about student loans apart from these that prevent students from applying for loans. Thus, it is important to do your research to understand your choices since learning the truth about the loan procedure will help you to save money on the long-term.

]]>https://724credit.com/student-loan-myths-college-applicants-ignore/feed/03 Simple Steps to Steer Clear of Financial Debtshttps://724credit.com/3-simple-steps-to-steer-clear-of-financial-debts/
https://724credit.com/3-simple-steps-to-steer-clear-of-financial-debts/#commentsThu, 26 Feb 2015 21:14:00 +0000http://724credit.com/?p=4554Perhaps you spend like there is no tomorrow. And your online shopping binge has racked up a great deal of money at a frightening interest rate. Maybe you have so little money that you can barely keep your head above water.

Don’t fret. There is a way out.

To bail you out of the situation and give your financial health a good spanking, follow these steps.

Assess the Extent of Financial Damage

So, you had amassed a whopping amount of debt including credit card arrears. A lot of people do not what to do to improve their situation from that gaping chunk of red ink.

The first step is figuring out your contribution to reduce that massive chunk of debt. Work how long it would take to clear your own debt. Don’t settle yourself for clearing the minimum due. Banks cynically calculate the minimum payment level so that you only get to chip away a small portion of the actual pile of debt. Repaying just the minimum payment is a very expensive option, which is exactly what the banks want you to do.

Surf for Credit

Check if you can make use of any balance transfer options that banks toss to customers to win them over. If you get such an offer that comes with no strings attached, try to grab it. Tread a careful path and do not fall prey to the common marketing gimmicks the banks employ.

Hop from one credit card provider to another as the current offer comes to a close. But make sure you close off every credit card before you go for another one. Remember the game plan is to get debt-free no matter what you want to do with the balance transfer credit cards.

If you are thinking about exploiting your existing skills, it is not a bad time to start a business on the side. Several agencies are ready to offer clear your own debt and help you focus more on the business and less on the startup capital.

Put a Working Plan in Place

So, you have transferred the balance successfully. Well, you can heave out a sigh of relief. Not quite! You will be back to square one in a matter of 6 to 12 months if you do not have a plan.

Plan things out and try to take advantage of what you have done so far. Aim to finish repaying your debt within that time. You do not have much time left before the interest rate boomerang comes back on. Set up a standing order (automatic payment) or see if you can set up a direct debit. Many of us cannot roll in a lot of money to get rid of our debt in one go, but we can surely free up small sum of money to make some regular inroads into that colossal amount of debt.

So, focus on making a serious dent even if you cannot eliminate your debt completely. Perhaps, a good financial plan will give you the much-needed wiggle room to sort out other issues, which may be financially pressing. Even if you are mired in debt, you can cut it up without any difficulty, as long as you have a solid financial plan to turn to.

]]>https://724credit.com/3-simple-steps-to-steer-clear-of-financial-debts/feed/14 Tips To Pay Down Your Student Loanshttps://724credit.com/4-tips-pay-student-loans/
https://724credit.com/4-tips-pay-student-loans/#commentsMon, 22 Dec 2014 09:00:28 +0000http://724credit.com/?p=4399Oh student loans. So many of us have them, right? You might have them, or maybe someone close to you has student loans and that’s why you are reading this article.

For me, I am all about paying down student loans as quickly as possible. They are probably your biggest or one of your biggest monthly payments each month, and the stress that comes from that can be very high.

Here are my four tips to pay down your student loans as quickly as possible:

1. Lower your budget.

If you want to pay down your student loans quickly, then you need to look into decreasing your budget. There are probably some expenses that you can cut down when it comes to your budget, and you should look into those. Either look into cutting something completely out or seeing if you can pay a little less.

One way to do this is to ask for a discount or to see if you qualify for a cheaper plan. There is probably something similar to this that you can do.

2. Make more money.

Making more money is possibly one of the quickest ways to pay down your student loans as fast as possible. You can always cut your budget, but there is a limit to that. With making more money, there is really not a limit to how much you can make, and this is how you can get ahead when it comes to your student loans.

3. Sign up for automatic payments.

If you cannot remember to pay your student loan payment each month, then you might want to look into paying your monthly payment automatically each month.

Another positive of doing this is that you will most likely qualify for an interest rate decrease when you do this as well. Your interest rate may be decreased by something like 0.25%. Nothing too huge, but it’s easy money saved and can definitely add up over time!

4. See if your employer will pay down your student loans.

There are quite a few employers who will help you out with your student loans. I know that some schools if you become a teacher for them will help you forgive your student loans. Also, some hospitals will pay you extra (such as $2 extra an hour) so that you can put it towards student loans.

What tips do you have for someone who is looking to pay down their student loans?